The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has expressed optimism that commercial transport operators will lower fares in response to the recent petrol price reduction by the Nigerian National Petroleum Company Limited (NNPC) and Dangote Refinery.
The association commended NNPC Retail Ltd for slashing petrol prices from ₦920 to ₦875 per litre, describing the move as a relief for Nigerians struggling with inflation.
Transport and Food Prices Expected to Drop
Dr. Billy Gillis-Harry, PETROAN’s National President, praised NNPC’s decision, stating that the price reduction is expected to have a positive ripple effect on transportation and food costs.
“With lower petrol prices, transport fares should drop, making commuting and goods transportation cheaper. This will ultimately reduce food prices and ease the financial burden on Nigerians.”
Dangote Refinery’s ₦65 Refund Initiative
PETROAN also applauded Dangote Refinery for implementing a ₦65 per litre refund to retail outlet owners who purchased petrol before the price cut.
- Dangote Refinery reduced its gantry price from ₦890 to ₦825 per litre.
- Retailers who bought petrol at the old rate will receive refunds worth ₦16 billion.
- Over 200,000 metric tonnes of petrol were affected by this price adjustment.
Dr. Gillis-Harry praised Dangote’s commitment to fair pricing, noting that the refund will help marketers recover losses and stabilize the market.
“This initiative shows a strong commitment to consumer welfare and will ease financial pressure on retailers and consumers alike.”
Government Reforms Showing Results
PETROAN urged Nigerians to remain optimistic, highlighting that government policies are beginning to yield positive economic results.
With petrol prices dropping, many hope for a significant reduction in transportation costs, benefiting commuters and businesses across the country.
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